Of course FB is trying to destroy this as much as possible by controlling what you see of what people post. Trying to decide what's important to me is another facet of the 'dumb' algorithms the OP complains about.
Because the alternative brings the wingnuts out. The more Facebook lets people see, the more they get castigated for doing what the entire freaking purpose of a social network site is!
There seems to be some algorithm deciding what gets put into your stream by weighting posts on who you most frequently interact with and how "important" the news is, meaning that your fb experience turns more and more into a echo chamber, and posts by people that don't post often seem to get lost.
Anyway, meh I say, meh!